Red rings do still happen, albiet at a VERY decresed rate. PS3 has many, many mre games, what with having two whole system's libraries available. PS3 has free online, and 360 you have to pay for, but you're getting what you pay for. PS3's sucks, is slow, and almost always broken. 360's has more options, better preformance, is just looks better, among other things, though PS3 does allow you to just GO online.
Also, PS3 has trophies, which are exactly the same as achivements.
Overall, however, 360, my system, is winning (in second place to WII, technically), with PS3 in a rather distant third. They have come into their own lately, but that start really hurt them. To put it simply, though they may be doing MUCH better than they were, they're still in third and likely will remain in third.
Oh, and 360's controller isn't that heavy. If your wrists are that weak.... masturbate more. It's good exercise. He, he, he.